Updated about 3 years ago on .
My Local investment
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $155,000
Cash invested: $50,000
Small 1950's beach bungalow originally an LTR that is now an STR.
What made you interested in investing in this type of deal?
Close to my home and the beach, was an up and coming area, in a small old Florida beach/fishing town.
How did you find this deal and how did you negotiate it?
Driving for dollars
How did you finance this deal?
PML and 20% from me.
How did you add value to the deal?
Initially bought made a few small repairs, had LTR tenant, had to evict after 5 months for non payment, added $50,000 in rehab to make it an STR
What was the outcome?
Refinanced into conventional @ 4% (remember those days)? STR NET monthly cashflow $2000.00.
Property value roughly $325,000.00
Lessons learned? Challenges?
Financing deals through conventional banks is a pain in the butt! However once completed it was worth it!